Friday, July 17, 2009

"Based upon information available through 14:30 today, we remain unable to locate and borrow / re-borrow the shares necessary to meet delivery obligations on certain short stock positions in your account. As current SEC regulations now strictly enforce delivery obligations, these short stock positions will be subject to forced buy-in by IB should our continued efforts to borrow or re-borrow the necessary shares today be unsuccessful.

A list of stocks in your account UXXXXXX that may be at risk to a forced buy-in, based on current settlement information is provided below. You may wish to consider repurchasing your position(s) in these stocks in order to control your portfolio/risk at any time prior to the end of the current regular trading session (16:00 EST). Transactions occurring after 16:00 cannot be considered against the delivery obligation.

ACWI (XYZ shares)

As noted above, we will continue to make every effort to locate and borrow the shares necessary to allow you to maintain these short positions, however, given the limited time available in the current trading session we will be unable to provide any further updates as to your account status until delivery of your daily activity statement.

Now the oddest thing is that according to the below screen capture, IB had quite a few shares available at any given moment during the day, and definitely at 14:30.

So which was it IB - recall or available?

Also, in a separate issue, Zero Hedge is starting to feel bad for Megan_C?

Megan C: Hello, this is 'meganc'. How may I help you?traderxxx:I'd like a thourough explanation of why a fully funded cash postion was liquidated, namely AMSCMegan C: alrightMegan C: your account was in margin violationMegan C: and our system is automaticMegan C: andliquidates a position to free up your margintraderxxx: there were no margin postioins how is that possibletraderxxx: no margin should have been required for any postions in my accounttraderxxx: hello??Megan C: yes I am still hereMegan C: I am looking at your account informationtraderxxx: okMegan C: alrightMegan C: you were charged a fee of -.01Megan C: which caused you to have a negative cash balanceMegan C: and whenever there is a negative cash balanceMegan C: the account is immediatley liquidated to make up for thattraderxxx: gee, what did you charge me a penny for?traderxxx: and this implies my cahs balance was zeroMegan C: I understandyour frustrationMegan C: I'm looking at your account statement from last nighttraderxxx: I'm not frustratedMegan C: and there was a charge for settle cashtraderxxx: what's thatMegan C: well I apologize for saying that then, but the charge is shown on your daily statement for yesteradyMegan C: your starting cash yesterday was .19Megan C: there was an interest charge of 20 centsMegan C: which caused you to go negativetraderxxx: I'm looking at yesterdays statement and seeing that I wascharged 20 cents interest against a 19 cent balance, whay was I chargedinterest?Megan C: and that is where the -.01 comes fromtraderxxx: when did I ever have debit balance to charge interst for?traderxxx: you stillthere?Megan C: yes I am still hereMegan C: you were charge interest on the cash that you hadMegan C: .19Megan C: it is a monthly chargetraderxxx: you chrged me interest on a positive balance??traderxxx: what is this charge called and where is diclosed?Megan C: i am getting that information to you righ tnowMegan C: IB collects interest on a daily basis, and charges them at the end of the month. Cash in the account is charged interest on a daily basis for holding it over night etc. Megan C:and then the charges are all done at the end of the monthMegan C: if you go to www.interactivebrokers.comMegan C: and under feesMegan C: go to interest and financingMegan C: there is a breakdown of these feesMegan C: and it shows you how it allots for these charges each day and tehn eachmonthtraderxxx: still I don't understand how apositive balance couldcharged interest?Megan C: cash balances are charged intresttraderxxx: what? that is insane it is supposed to work the other way! HELLO? are we on the same planet?traderxxx: can you please cite exactly where in theuser agreement, or exactly where n your website it states that actually charge interest for a oistive balance?Megan C: on the websiteMegan C: go to feesMegan C: and then interest and financingtraderxxx: I'm there and I can't find itMegan C: what are you seeing?traderxxx: interest is typically charged on negative balances not on positive balances!!!traderxxx: I'm seeing a very long page with lots of example and I want toknow where i ever agreed to pay interest on a postivie balancetraderxxx:btw i'M NOT FRUSTRATED AT THIS POINT i AM FURIOUS!!Megan C: alrightMeganC: there is interest charged in ending settled cashMegan C: it is all right there on this page for youMegan C: you were charge a monthly fee for your cash balancetraderxxx: where exactly on that page are you referring to? section, line number paragraph headingMegan C: then go toexamples on how we calculate interesetMegan C: click on that linkMegan C: and the information is theretraderxxx: whcih one there are manyMegan C: well look at the calulations sectionsMegan C: and then the finalpostingMegan C: the final posting information I think is what you wouldbe most interested inMegan C: can i help you with anything else today?traderxxx: I'll have to hire an accountant to figure that one out. Well if you take a look at my permissions you'll I just updated and broadened them with the intent increasing my balance with company and increasing my trading with your firm, but until I figure out what sort bamboozelment you folks are pulling here. I've had many trading accounts over the years and never ever been charged interest ona positive balancetraderxxx: this is ludicrous!!Megan C: if you need any additional clarification please let us knowMegan C: have a nice eveningtraderxxx: yes ineed additional clarifiaction, I jsut don't understand it

Interactive Brokers Having A Really Tough Day With Locates, Meg_C Wishes It Was Tomorrow

"Based upon information available through 14:30 today, we remain unable to locate and borrow / re-borrow the shares necessary to meet delivery obligations on certain short stock positions in your account. As current SEC regulations now strictly enforce delivery obligations, these short stock positions will be subject to forced buy-in by IB should our continued efforts to borrow or re-borrow the necessary shares today be unsuccessful.

A list of stocks in your account UXXXXXX that may be at risk to a forced buy-in, based on current settlement information is provided below. You may wish to consider repurchasing your position(s) in these stocks in order to control your portfolio/risk at any time prior to the end of the current regular trading session (16:00 EST). Transactions occurring after 16:00 cannot be considered against the delivery obligation.

ACWI (XYZ shares)

As noted above, we will continue to make every effort to locate and borrow the shares necessary to allow you to maintain these short positions, however, given the limited time available in the current trading session we will be unable to provide any further updates as to your account status until delivery of your daily activity statement.

Now the oddest thing is that according to the below screen capture, IB had quite a few shares available at any given moment during the day, and definitely at 14:30.

So which was it IB - recall or available?

Also, in a separate issue, Zero Hedge is starting to feel bad for Megan_C?

Megan C: Hello, this is 'meganc'. How may I help you?traderxxx:I'd like a thourough explanation of why a fully funded cash postion was liquidated, namely AMSCMegan C: alrightMegan C: your account was in margin violationMegan C: and our system is automaticMegan C: andliquidates a position to free up your margintraderxxx: there were no margin postioins how is that possibletraderxxx: no margin should have been required for any postions in my accounttraderxxx: hello??Megan C: yes I am still hereMegan C: I am looking at your account informationtraderxxx: okMegan C: alrightMegan C: you were charged a fee of -.01Megan C: which caused you to have a negative cash balanceMegan C: and whenever there is a negative cash balanceMegan C: the account is immediatley liquidated to make up for thattraderxxx: gee, what did you charge me a penny for?traderxxx: and this implies my cahs balance was zeroMegan C: I understandyour frustrationMegan C: I'm looking at your account statement from last nighttraderxxx: I'm not frustratedMegan C: and there was a charge for settle cashtraderxxx: what's thatMegan C: well I apologize for saying that then, but the charge is shown on your daily statement for yesteradyMegan C: your starting cash yesterday was .19Megan C: there was an interest charge of 20 centsMegan C: which caused you to go negativetraderxxx: I'm looking at yesterdays statement and seeing that I wascharged 20 cents interest against a 19 cent balance, whay was I chargedinterest?Megan C: and that is where the -.01 comes fromtraderxxx: when did I ever have debit balance to charge interst for?traderxxx: you stillthere?Megan C: yes I am still hereMegan C: you were charge interest on the cash that you hadMegan C: .19Megan C: it is a monthly chargetraderxxx: you chrged me interest on a positive balance??traderxxx: what is this charge called and where is diclosed?Megan C: i am getting that information to you righ tnowMegan C: IB collects interest on a daily basis, and charges them at the end of the month. Cash in the account is charged interest on a daily basis for holding it over night etc. Megan C:and then the charges are all done at the end of the monthMegan C: if you go to www.interactivebrokers.comMegan C: and under feesMegan C: go to interest and financingMegan C: there is a breakdown of these feesMegan C: and it shows you how it allots for these charges each day and tehn eachmonthtraderxxx: still I don't understand how apositive balance couldcharged interest?Megan C: cash balances are charged intresttraderxxx: what? that is insane it is supposed to work the other way! HELLO? are we on the same planet?traderxxx: can you please cite exactly where in theuser agreement, or exactly where n your website it states that actually charge interest for a oistive balance?Megan C: on the websiteMegan C: go to feesMegan C: and then interest and financingtraderxxx: I'm there and I can't find itMegan C: what are you seeing?traderxxx: interest is typically charged on negative balances not on positive balances!!!traderxxx: I'm seeing a very long page with lots of example and I want toknow where i ever agreed to pay interest on a postivie balancetraderxxx:btw i'M NOT FRUSTRATED AT THIS POINT i AM FURIOUS!!Megan C: alrightMeganC: there is interest charged in ending settled cashMegan C: it is all right there on this page for youMegan C: you were charge a monthly fee for your cash balancetraderxxx: where exactly on that page are you referring to? section, line number paragraph headingMegan C: then go toexamples on how we calculate interesetMegan C: click on that linkMegan C: and the information is theretraderxxx: whcih one there are manyMegan C: well look at the calulations sectionsMegan C: and then the finalpostingMegan C: the final posting information I think is what you wouldbe most interested inMegan C: can i help you with anything else today?traderxxx: I'll have to hire an accountant to figure that one out. Well if you take a look at my permissions you'll I just updated and broadened them with the intent increasing my balance with company and increasing my trading with your firm, but until I figure out what sort bamboozelment you folks are pulling here. I've had many trading accounts over the years and never ever been charged interest ona positive balancetraderxxx: this is ludicrous!!Megan C: if you need any additional clarification please let us knowMegan C: have a nice eveningtraderxxx: yes ineed additional clarifiaction, I jsut don't understand it